Implementing Rules on the Levy of Individual Income Tax on the Income Derived from Savings Interest (2007 Revision)

Implementing Rules on the Levy of Individual Income Tax on the Income Derived from Savings Interest (2007 Revision) Implementing Rules on the Levy of Individual Income Tax on the Income Derived from Savings Interest (Issued by Order No.272 of the State Council of the People's Republic of China on September 30, 1999; and amended according to the Decision of the State Council on Amending the Implementing Rules on the Levy of Individual Income Tax on the Income Derived from Savings Interest issued by Order No. 502 of the State Council of the People's Republic of China on July 20, 2007) Article 1 These Rules have been made in accordance with Article 12 of the Individual Income Tax Law of the People's Republic of China . Article 2 An individual who receives income derived from the Renminbi or foreign currency savings interest in a savings institution within the territory of the People's Republic of China shall pay individual income tax in accordance with these Rules. Article 3 The tax basis for calculating the individual income tax on savings interest shall be the income derived from the Renminbi or foreign currency savings interest received by a taxpayer. Article 4 The individual income tax on the income derived from savings interest shall be levied at the reduced rate of 5%. The adjustment of the extent of rate reduction shall be decided by the State Council. Article 5 The income received ......